Telecom Italia adopts stricter procedure for possible unit sale

MILAN Thu Feb 6, 2014 1:44pm EST

MILAN Feb 6 (Reuters) - The board of Italian phone group Telecom Italia agreed on a procedure that would make it more complex to sell its Brazilian unit TIM Brasil .

"The procedure meets the highest standards of governance and regulates the investigation and decision- making process for any transaction that may result in the transfer ... of its holdings in Tim Brasil," Telecom Italia said in a statement.

When it first announced plans to adopt a special procedure for the possible sale of TIM Brasil, Telecom Italia said last month that any offer for the unit should be evaluated by independent directors, possibly complicating any deal.

In Thursday's statement, Telecom Italia said it examine governance issues at a board meeting on Feb. 27. It also said it had decided to cancel its 3 billion euro hybrid bond plan. (Reporting by Danilo Masoni)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.